Bank of Canada Creates “Cross Border, Cross Currency” System on R3 Corda to Rival Ripple

2018-11-2 01:39

The Bank of Canada (BoC) is working on a new and innovative concept for a bank – a proof-of-concept approach. Two other industries, the private sector and academia, are helping it achieve its goal. Together, they’ll establish a new financial technology that features an underlying blockchain system and that prioritizes DLT.

Interestingly enough, the BoC partnered with R3 to develop the Project Jasper’s whitepaper. The project is a collaborative effort between the governmental and public sectors and it aims to determine the efficiency of blockchain solutions for wholesale fund transfer. During the first two phases, the bank handled the exploratory stage so that it could be determined how DLTs interact with high value interbank transactions. Thereafter, the BoC would permit DLT integration into its financial systems, such as securities and forex – but depending upon the initial outcomes.

In general, the bank’s overarching goal is to safeguard that Project Jasper is complaint with the financial standards set forth by the industry. Meaning, it must comply with Principles for financial Market Infrastructure. Such compliant will allow oversight for systematically important infrastructure. At this stage, it seems that the project is faring well and is meeting its goals.

Apart from R3’s participation, the bank also has worked with MIT Media Lab and various other banks, such as the Monetary Authority of Singapore, the European Central Bank, and the Bank of Japan to develop a “cross border, cross currency” system. The bank hopes that it will be an efficient, fast, and cheap interaction.

At this point, the bank, Accenture, Payments Canada, and R3 released a joint report that discusses the third stage of Jasper and the potential of clearing and settling securities when it comes to proof of concept leveraging on the R3 platform. According to John Velissarios at Accenture, the platform “is for clearing and settlement of securities and it could play an important role in promoting financial market integration.”

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Central Bank Of The Philippines Approves Two New Crypto Exchanges

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Swiss Stock Exchange Operator Plans to Launch Crypto Exchange

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Rbz Governor Allows Blockchin Not Knowing Where Bitcoins Are Mined

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Russia’s Biggest Payments System Qiwi to Open Crypto-Investment Bank

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ABM AMRO Bank Keynote Speaker Says Blockchain Will Overthrow Banking System of Today

According to an executive at the Dutch financial institution ABM AMRO Bank, the banking system that we currently know may be overthrown by blockchain technology. The company is already working with financial institutions that use Hyperledger technology with the intention to offer new financial services and products, including the tokenization of securities. An executive of […]

2018-6-30 23:49


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The New York Times ‘Blockchain Influencers’ List is a Joke…Right?

When a major publication like The New York Times considers you a leader or ‘influencer’ in the blockchain space, chances are you’re probably working for a bank or the government.   Here Come The ‘Blockchain Influencers’ In an industry inspired by Bitcoin, specifically created to shun authority and eliminate trust, the idea of leaders seems like a joke to anyone who’s been in this space longer than a year.

2018-6-29 15:00


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No Cryptos Planned for Issue by Central Banks in Australia and New Zealand

The central banks of Australia and New Zealand denied they would issue their own cryptocurrencies June 26, in a speech calling Bitcoin “fascinating” but “inefficient.” Addressing the Australian Business Economists in Sydney, Tony Richards, head of the Reserve Bank of Australia’s (RBA) payments policy, appeared hawkish on cryptocurrency as Australia’s government devotes considerable funds to

2018-6-26 17:07


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The Central Banks Of Australia And New Zealand Against Cryptocurrencies

The trend of ‘central banks’ talking about cryptocurrencies is warming up once more, with The Reserve Bank of Australia (RBA) and The Reserve Bank of New Zealand (RBNZ) weighing in on the debate. The pair have moved to debunk rumours that they are investigating in establishing their own central bank digital currency, on the basis that they believe such a project would inevitably damage their current banking system.

2018-6-26 17:00


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